Bitcoin Falls Back Below $35,000 as Crypto Market Continues Crashing

Jafrin  |  Jun 12, 2021

Leading cryptocurrency Bitcoin (BTC) fell from $39,000 levels to $31,000 levels, before recovering to currently trade over $35,000 levels. Ultimately, the market capitalization of all cryptocurrency assets lost over $100 billion in a day and is now below $1.5 trillion.

Bitcoin Tumbles Down Below $35,000

On June 11, Bitcoin rose to a six-day high at $38,500 but retraced back to around $37,000. Since then, the cryptocurrency has changed its course to losing more than $2,000 in hours and briefly dipping beneath $35,000 the next day.

At the time of writing, the cryptocurrency appears to have recovered to currently trade around $35,237, lower by 6% from the past 24 hours.

With Bitcoin losing its steam, the crypto market cap saw $100 billion evaporated in a day as BTC slipped to $35,000 and ETH dumped below $2,300. The global crypto market cap stands at $1.51 trillion, down 2.78 percent over the previous day.

The flagship cryptocurrency is down 45.7% from its all-time high of $64,895.22 on April 14.

A recent report from Zebpay highlights Bitcoin seeing extreme bouts of volatility with prices falling to $31,000  from $39,000 and currently trading over $35,000.

Altcoin Market in Red Zone

At the same time, other crypto-assets registered a fall between 4% and 14% since the past 24 hours, with Ethereum (ETH) slipping down to 6.56% at $2291.

Just a few days ago, the second-largest cryptocurrency by market cap was trading above $2,600 but since then has retraced by around $300 to $2,300.

Similarly, Binance Coin (BNB) has lost $50 from its mid-week peak when the asset spiked above $38 to current trading around $330. While Polkadot (DOT) and Uniswap (UNI) are close to dumping below $20.

Dogecoin (DOGE) was also trading lower at $0.30, down by 5.64%, while XRP declined 5.64% to $0.81 while Cardano (ADA) was down by 9.30% to $1.38. Similarly, Litecoin (LTC) fell to 8.46% to settle at $156 and Stellar (XLM) was down by nearly 8.86% to $0.30.

Ethereum Classic (ETC) and Bitcoin Cash (BCH) have also declined 6.42% and 7.10% respectively.

Other digital assets to lose among with double-digit includes Bitcoin Gold by 16%, Kusama at 16%, Siacoin 15%, SushiSwap 15%, Amp 15%, Fantom 14%, ICP 12%, Klaytn 12%, Horizen 12%, and SHIBA INU 12%.

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